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1、 物流企业参与的存货质押融资业务期望 收益与风险应对 河 北 工 程 大 学 2017 6 F831.5 UDC 10076 物流企业参与的存货质押融资业务期望 收益与风险应对 作 者 姓 名 ： 指 导 教 师 ： 申 请 学 位 级 别 ： 学 科 专 业 ： 所 在 单 位 ： ! 授 予 学 位 单 位 ： # $ ： A Dissertation Submitted to Hebei University of Engineering For the Academic Degree of Master of Engineering Research on the Expected R
2、evenue and Risk Respone of Inventory Pledged Business with Logistics Enterprises Candidate ： Qi Tonghao Supervisor ： Prof. Li Zhanlei Academic Degree Applied for ： Master of Engineering Specialty ： Management Science and Engineering School/Department School of Management Engineering and Business Heb
3、ei University of Engineering June%2017 m 摘 要 32 % 23 W2C2%R 2|2 %_ _A%gJ2mC 25W22C _A% 2_J ; C_ % 2_ % % |% % C 关键词： I Abstract Abstract Inventory financing is a typical instruments of logistic finance, when involves logistics enterprises, inventory financing is one of the new value-adding methods f
4、or the participants. For logistics enterprises in the supply chain, their business of inventory financing will be affected by a number of factors. To study the business procedures, profit and risks of inventory financing involving logistics enterprises will help to achieve the management target of c
5、oordinating the supply chain capital flow. Logistics enterprises as the object of our study to analyze the business procedure of inventory financing involving logistics enterprises, establish the expected revenue game tree of those participated in the inventory financing, analyze the strategy choice
6、s of the participants, screen risk factors of inventory financing business and provide corresponding risk prevention strategies. Logistics enterprises would get a higher profit by adopting the inventory financing business as core enterprises than as member enterprises in the supply chain. Revenue fl
7、uctuation of the inventory financing business will cause volatility of capital flow of the entirety supply chain and even the risk of capital flow rupture. When the logistics enterprise is a member of the supply chain, the key risk factors affecting the inventory financing business include credit of
8、 financing enterprises, bank policies, supervision and control, pledge and entrustment. When the logistics enterprise is a core enterprise in the supply chain, the key risk factors affecting the inventory financing business include the handling of logistics enterprises, market supply and demand, pay
9、ment at maturity of the seller, realization of pledge, profitability of the seller and the capabilities of the supplier. Key word: logistics enterpriseinventory financinggame analysisrisk factor II 目 录 摘 要 . I Abstract . II 第 1 章 绪论 . 1 1.1 2%;ECjbc% %N4%2% f%jz %g;j2 %$r%|2CX2 %N 2C 32mİC22F G2N|:f
10、X|hiAU3Ab q_2C 2bc2% 3E2$hiAA_%bc R2 _ E2%u4 İ8 2C2%2rE 2%r2W% r 2% 2 1 : XC2 % % İ2C ; r2 r22C2%3. m23S2C%2%4 E/2N %A /|2%f2 2 %:2 C 1.2 文献综述 1.2.1 物流企业与供应链金融 jf%3RE.m2%j J2J32(%W% *3C2016$ r:| 2X%ujE| f2 r 4CBarnett2005_2 jK 2W( 5CSadlovska2006J10CQ2011J X %lj(X2% İ3g+N2% 2W2X12C2009_4E% 3(2%2g/%f
11、 22%gRX/2 %jb2 %2_ 2b13-14C 1.2.2 物流金融模式类别及其风险管理 j2%32C 3 Xu:;fA22 GİC(f%3bcj j(2 f2 2X% 2fg/4E2RS f|%gW| 15C20104R Ej:;r %R_ ;f4 /42EH%Xl2 %_2 1C 2011_ 2+24: bc2 X%3_m2X 16-17C Miller1982_GW (E:;23CWright2008 jT /2W(J r4E2.m(% ul2 _f_2 r 24CBarsky2015%4 Gl % l9T( %uj 2 26-27C 2005j9l2:;r d2_fcj(2 E
12、2E28CE20074J29C 2007G E2X İ 31C2007 _İ:;r d32C 2016_mfW 2m(% dr4E2x %_ 2X:;r b 35C2012 ( _ 3 N İ% _ Eİİİ%u İ2 Nr d36C 5 # $ 2 J B% clj 2%u4E:;r2(43C 2010jE2$:;_2 İ%_2x44C2010fX İ%f A2p 51C * 2006J drE2 m m255C 2007j 1E İ2 %crj256C2015 lXj2J xr 57C2015 _ 61C2011_4E% %RE|(J2m_J; 62C2012%_4Ec2İr%R% 7lI
13、j(%j;% J*M ; r%;p E2%7lr;jN 29N %|2 % %$ C KMj_22_ _A%gJ2jC 22 % l |2%JA % 2%uljC %j+ 2% % |% % T C 1 10 第 2 章 物流金融及其业务收益的影响因素 X2 2|2% F Gj2 |r2İ2 % 2CcA2%+j :;2C 2.1 物流金融的业务流程与特点 2.1.1 物流金融概念的界定 % 23E2 %EJN3y2%2% 2X%22E2 CM%g4J2 phi .J% fg2 :; 2Cjt% %2% 2 2Cjt%22 2x% 2% 2Cj 82t%2%A+%A hi2+ %2+J+ 2U
14、2A+%2C2 %m4E %mC rX%; 1;/4 %p ;4 E;4%2C 2O 4GE%_% 2j bc 3 .m2C 11 # $ 2g 2C 2-1 W Fig.2-1 Logistics financial service system 2.1.2 物流金融的业务流程 ; %; % %2C 22Xl2 1r;%; 2 %?21; %;2 XM32 %2 ?2CW2 2-2 /vC 2-2 Fig.2-2 Advances the loan process r;bc2 %rj 2CEC,U;% ;,2X % ;2X7 1%W 2-3 C 12 2 R 2-3 Fig.2-3 Ware
15、house receipt process _ 1;%2p 2p%/zİC p; C2%2 |2%p |7 %:; 2 2jke%,% 1;% 2C;jR :; % 2% 2 X|4;2 C 37;2J _%;2 _R 2%2 ;%p %22M2 _R2% ; p 2;2 GCRS;1% pR2;4|U X%|_ %m34 N;2 % 2 PC % 2-4 /vC 2-4 Fig.2-4 Reconciliation business process 13 # $ bc xe% 2d%u N 2%u;9;%J 2% l% Jj C;_ 9 % 1C 37 ,U , R _ 2C ,N ; %
16、,U 2C 2 ,U ,_l,% ,_ , 12_%l,;2_%; C % 2-5 /vC 2-5 Fig.2-5 Chattel pledge process 42 E%_X, C ,%,?1 zC1X,%T 2% 41T C4 K% r NJ2%4 J %f j _U 2C4 % N1 2%f+ + 2O%+23 22CNr2 2% 2 %f_rA+C İ3 X2%4R 82 % 2 %2 2 :;C3bc_RSE 2C 2KLt% ; +N% 3RGW;ArCg 14 2 R _ C bc%4j2 E%j 2 Gp 2r%4:;J3N _ %|C bc m 2 ( %bc4 J l %
17、%f4 E% 4 2 8%Cg f U%j2r% ;K2 p 2 %4 2%g|$ 2C 2.1.3 物流金融的特点 2 2;% $% ;2%Ar C%_ 2N%;2A+%A2A+% p %A2C42İ8% 2 p%:G2XC ( 424E z 2C 42$2 % +j E 2W %4 Xl 2 % 2% % C ; 2%R/2J% l%f|2C Or% % %h% C ( 2 % A C/%42ppCj 2W 2$ %z4R %2; % Rj f%R X%W N3z% ; 9 % %z2 %R9 |T 2G CjN3$2 %_2N3$% %; 2(%R2A+% % j X t% J% ;1
18、R % RC ( 2;%R42 15 # $ N3$% _R 2%J$22 W%p;%2 %V 2;_2;zC1 % p ;2 % % % ;%8J% % 2 %p % 2 % ;%8%p 4 E% %A+%22C 5( 4p 2 % W%; ;| ;p;22 % %:2 W%2% C ; 2 %N4 ;92 1% 4% sC ( %N 3%3 p 3$E 3 C 2 %Cj 2%;122 %;1 ,2% % %C 2.2 物流金融的基本融资模式 GW _ f3KM 2 % 2p2G%3 2%R mW 4j 2 |2 % E24C %4W2p;E/N % JN2 %424W2 E G hi %
19、:;İY 2-6 İ2C 16 2 R Y 2-6 İ2 Table 2-6 Comparison of three business models of logistics finance 7 mj 4 E2 2 E E m m Eİ_E%4 /8 1 İC 2.2.1 预付账款融资 İj8 4l2 %J%_R%41E%_ ;:; %J%;_ ;%82 NjT A C_;:; %E 4;72%;f% ;p 2C 2-7 32 C ; 2İ3I2%; :; %mj2:;z 2 % p2z %f_ C 2-7 İ Fig.2-7 Prepayment financing model 2İ2%c
20、WC ; ;%4E 2N%A %;:; %; ; 17 # $ jJ2kl%;2 %(Cj 2j 2%m j8 2 :; %u 2% m ;d 2 p1% s 2 2gJC 2.2.2 应收账款融资 37_r2 +% J 2 f 2_%E2 _ 2_2C İm4 2 %$3r_4E 2 :;65C%N r % m 2 2|C3% 4 E$2 %r /m2 A+p|2 %|2+% U38T/2 C% mT2İ_ C 4T E ;m %u _ %2J %_Rm4T EP 2% l % _ 2 ; 2 C34TE2 E 2% 2E2Cİ 2-8C 1 2-8 İ Fig.2-8 Accounts p
21、ayable financing mode İ%E ;2%N E2%:T2%f ; 18 2 R ;N2VE2c%C 2.2.3 存货质押融资 İ_İ% 2007 _ Nd 8% R/2hiU 1;72 % ;%up;66C jm2t%RNJN%3 ;2.mC % hiA_;%lC; Nj %;(2 _ % C ;pT%;p %; _+İ%İ% _Eİ İCN İ 2%Y 2-9C Y 2-9 N İ 2 Table 2-9 Different forms of inventory pledge financing İ ;%; % ; +İ İ Eİ İ ; E JpJ%G % RS % 2%
22、 2 %; C ;N W2% % 2 8%g2.m(% ; 2% %22(% 83G E2hiAU3A% :2X%İ$22(C3% |2 %$%$2Ns(Cj t%2jRlr2m% ;r2;%J2% %2C 19 # $ 2.3 物流金融业务收益的影响因素 2 4 E3TN2CN2 W2 32C WLlNP pN2;_%A2 C W2 2 C 2.3.1 核心企业收益的影响因素 1 J 2 N2 J% 8 %9W%İ +%u 2%:fgp :RVEC 4 J2%4E R Cj ? X J% r2GC 2 RS 2 f 2 % r2 p %g 2%j 2 % ,2C 23WA+2 %42%pR2C 4 2 E%_%gRbc 2C 3 2Dr 2 EM%2 2E? 2 C %2r2 2%2J%2 JC %:;RS